Sberbank - Uzbekistan Fixed Income - We Recommend Underweighting the New Uzbek Issues

Report

Sberbank

Alexander Golinsky

Uzbekistan Fixed Income - We Recommend Underweighting the New Uzbek Issues

We consider unsustainable the current low premium of Uzbekistan to benchmark assets and peers. The 10y Uzbekistan 29 is trading at a yield of 5.4%, 65 bps above the Russian sovereign curve and 85 bps above the Azeri curve constructed with issues maturing in 2024 and 2032.

19/02/2019 2 EN

Provider

Sberbank

Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.

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Analysts

Alexander Golinsky

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Uzbekistan Fixed Income - We Recommend Underweighting the New Uzbek Issues

Russian Consumer - Unemployment and Income: The Outlook for 2022

Russian Banks - What We Know at This Stage

CIS Market Daily - March 24, 2022

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